LP Digest #83

Investment concentration, Citrini, side letters, development tools, and more

1. Last premium posts: Are side letters helpful to an LP? and 8 Legal Red Flags for LPs

2. Last free posts: LP Investing Digest & Full Article Index (all 120+ published articles organized by topic)

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One complicated topic in investments is concentration - should you double down on your best GPs or take the diversified approach? The answer, of course, depends on both conviction and the amount of risk you’re will to take. This was a thoughtful perspective on taking concentrated bets

Patrick OShaughnessy@patrick_oshag

This is my second conversation with @JoshuaKushner. Josh started Thrive in 2011 and the firm now manages ~$50 billion. We cover the iconic investments that defined it: Instagram, Stripe, GitHub, and spend a lot of time on OpenAI. He explains how Thrive thinks about investing

1:00 PM · Feb 18, 2026 · 449K Views

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34 Replies · 62 Reposts · 1.13K Likes

Aakash Gupta@aakashgupta

Thrive X raised $10 billion today and the announcement reads like a monastery brochure. “We do not view this as a milestone.” “We are not the main character.” “We do not hedge.” Meanwhile, the math behind Thrive tells the story of the most aggressive concentration strategy in

Joshua Kushner @JoshuaKushner

We are pleased to announce the close of Thrive X. Exceeding $10 billion, Thrive X comprises $1 billion designated for early-stage investments and $9 billion designated for growth-stage investments. We do not view this as a milestone, but as a commitment to the long work ahead.

2:11 AM · Feb 18, 2026 · 78.2K Views

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12 Replies · 33 Reposts · 476 Likes

This piece from Citrini this week and some of the responses/counterarguments are worth understanding - real estate is a hard asset but its pricing is fundamentally tied to the economy via tenants

Citrini@Citrini7

I spent 100 hours over the past week researching, writing and editing the piece we just put out. It’s a scenario, not a prediction like most of our work. But it was rigorously constructed, dismissing it outright requires the kind of intellectual laziness that tends to get

8:25 PM · Feb 22, 2026 · 10.5M Views

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894 Replies · 2.33K Reposts · 14.4K Likes

Joe Weisenthal@TheStalwart

In today's Odd Lots newsletter, I wrote about what I saw as the most interesting part of the @Citrini7 piece that everyone's talking about today. Not the macro stuff per se, but rather the radical change in who makes money from online commerce, and the end of network effects.

7:49 PM · Feb 23, 2026 · 294K Views

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34 Replies · 80 Reposts · 747 Likes

A thoughtful list of tools for developers, a few in there that could help LPs with dd as well

More in the post, but I found this to be interesting because it touches on concentration and side letters

Don’t think I’ve shared this one here yet, was pretty cool to see…seems like we have a few states left - join us at www.gplpmatch.com. Have a wonderful weekend!

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